Runwal Group buys Thane land for Rs471 crore
Premium- The land deal, which has taken place in tranches, is a transfer between Runwal affiliate Dhruva Woollen Mills Pvt Ltd and PB Global
BENGALURU : Real estate firm Runwal Group has bought a 20.96-acre land parcel at Thane, near Mumbai, for ₹471 crore from PB Global Ltd.
The land deal, which has taken place in tranches, is a transfer between Runwal affiliate Dhruva Woollen Mills Pvt Ltd and PB Global. The transaction, in separate agreements, was registered on 5 April, according to CRE Matrix, a real estate data analytics firm.
“Given Mumbai offers development options primarily in terms of redevelopment and SRA projects, Thane becomes the preferred choice for developers. More importantly, Thane provides large land parcels where mini townships can be built. We strongly reiterate that we foresee a structural shift in home buyers’ preference towards large community living projects loaded with Amenities. Thane also offers the much-needed affordability that Mumbai cannot," said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.
“Finally, Thane continues to witness immense activity on the infrastructure front along with industrial and logistics parks development. We remain bullish on it as a preferred destination for homebuyers," he added.
A Runwal Group spokesperson didn’t respond to queries.
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